Use this screen to set up terms for your vendors to be used in calculating discounts and due dates. Initialize it before paying vendors so that the terms are available for assignment to vendors or vouchers.
Enter a code that describes the terms that you want to set up, i.e., Net 30, 1st of month, or 1%, 10 net 30. The term's description does not have any logic built in to calculate the due date. You must select a due date method and an option that determines how the system calculates the due date.
Enter a discount percentage for this term without the percentage sign, e.g., "1" for 1%, "10" for 10%.
Enter the maximum number of days available to pay the invoice in order to take advantage of the discount.
Select this option to calculate due date based on invoice date in the voucher screen.
Select this option to calculate due date based on transaction date at the time vouchers are entered.
Select this option to calculate due date based on receipt date in Costpoint Purchasing. If you selected this option and there is no receipt date in Costpoint Purchasing, the system will provide a warning at time of voucher entry and default to the transaction date. You will have the option to override the due date.
You can select only one due date method. You can select Days, Day of Month, or Range of Days.
If you want to calculate the due date based on adding a number of days from the invoice, transaction, or receipt date, enter the number of days to add to the invoice, transaction, or receipt date.
If you want the due date to be based on a fixed day of the month, i.e., 1st of the month, 15th of the month, or last day of the month, use the drop-down box to select a day of month. The range of valid days is the 1st through the 31st and is predefined by the system. If the day of the invoice, transaction, or receipt is later than the day of the month, the due date will be the day of the following month. Otherwise, the due date is in the same month. For example, if the due date is the 15th, invoice dates from the 1st to the 14th will be due on the 15th of the same month and invoice dates from the 15th to the last day of the month will be due on the 15th of the following month.
Use this table window if you want the due date to be based on a fixed day of the month and for a range of dates based on invoice, transaction, or receipt dates, i.e., invoice dates from the 1st through the 15th are due on the 20th of the month and the 16th through 31st are due on the 5th.
Enter the beginning day of the month for the range. The valid days are from the 1st through the 31st. You will receive an error message if the day of the month is outside this range.
Enter the ending day of the month for the range. The valid days are from the 1st through the 31st and must be later than the From day of month. You will receive a message if the day of the month is outside this range or the To is earlier than the From day of the month. If there is only one row in the table, do not use this method because it would be the same as using Day of Month method. The system will also verify that the ranges you specify cover the entire month from the 1st through the 31st.
Enter the day of the month that the range is due. The valid days are from the 1st through the 31st.
Enter the current or the next month for day due. The valid values are "C" (Current) or "N" (Next); the system default is "C." If you enter "N" and the range of days is from the 1st through the 15th, the day due is on the 20th, and the invoice date is 2/14, the due date will be 3/20. If you enter "C" for the same example, the due date will be 2/20.